Kimco Exchange Place is a subsidiary of Kimco Realty

For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Wyndham Plaza
Costco Shadow Anchored
2550 E. Southlake Blvd., Southlake, TX 76092
Property
Property Summary:
Summary: This
This new
new 67,895
67,895 sf
sf center
center isis located
located in
in Southlake
Southlake TX,
TX, aa wealthy
wealthy suburban
suburban market
market located
located
approximately
approximately 17
17 miles
miles north
north east
east of
of Fort
Fort Worth
Worth and
and 20
20 miles
miles north
north west
west of
of Dallas.
Dallas. Average
Average household
household incomes
incomes
exceed
exceed $109K,
$109K, $123K
$123K &
& $133K
$133K within
within 1,
1, 3,
3, &
& 55 mile
mile radius
radius respectively.
respectively. The
The immediately
immediately surrounding
surrounding retail
retail trade
trade
area
area includes
includes some
some of
of the
the highest
highest retail
retail sales
sales psf
psf in
in the
the greater
greater Dallas
Dallas –– Ft
Ft Worth
Worth MSA.
MSA. The
The property
property benefits
benefits from
from the
the
robust
robust shopping
shopping activity
activity generated
generated by
by it’s
it’s strategic
strategic location
location and
and proximity
proximity to
to destination
destination oriented
oriented retail.
retail. The
The property
property
isis adjacent
to
Gateway
Plaza
on
the
east,
which
is
anchored
by
Michael’s,
Office
Max,
Kohl’s,
Old
Navy,
TJ
adjacent to Gateway Plaza on the east, which is anchored by Michael’s, Office Max, Kohl’s, Old Navy, TJ Maxx,
Maxx,
and
and Bed
Bed Bath
Bath Beyond.
Beyond. Lowe’s
Lowe’s isis adjacent
adjacent to
to the
the west
west and
and Costco
Costco isis adjacent
adjacent to
to the
the north.
north. Costco
Costco isis reporting
reporting sales
sales
over
$100
million
for
this
location
which
is
130,000
+/sf
($770
psf).
Other
area
retailers
include
Kroger,
and
Home
over $100 million for this location which is 130,000 +/- sf ($770 psf). Other area retailers include Kroger, and Home
Depot
Depot to
to the
the west
west and
and Albertson’s,
Albertson’s, Tom
Tom Thumb,
Thumb, Sam’s
Sam’s Club,
Club, Wal-Mart
Wal-Mart Supercenter
Supercenter and
and Target
Target to
to the
the east
east and
and south.
south.
Located
Located one
one mile
mile west
west on
on Southlake
Southlake Blvd
Blvd isis the
the 475,000
475,000 sf
sf Southlake
Southlake Towne
Towne Square
Square Life
Life Style
Style Center
Center whose
whose tenants
tenants
include
include Crate
Crate &
& Barrel,
Barrel, Ann
Ann Taylor,
Taylor, Williams-Sonoma,
Williams-Sonoma, Talbots
Talbots and
and Pottery
Pottery Barn
Barn among
among others.
others.
The
The property
property isis located
located between
between HWY
HWY 114
114 (average
(average daily
daily traffic
traffic count
count of
of 62,000)
62,000) and
and Southlake
Southlake Blvd
Blvd (HWY
(HWY 1709)
1709)
with
an
average
daily
traffic
count
of
53,000.
Wyndham
Plaza
is
currently
finishing
its
lease
up
and
is
87%
occupied.
with an average daily traffic count of 53,000. Wyndham Plaza is currently finishing its lease up and is 87% occupied.
Seller
Seller will
will master
master lease
lease remaining
remaining vacancy
vacancy as
as of
of closing
closing up
up to
to the
the 7%
7% vacancy
vacancy factor.
factor. Tenants
Tenants included
included in
in this
this sale
sale are
are
EB
EB Games,
Games, The
The Vitamin
Vitamin Shoppe,
Shoppe, Einstein
Einstein Bagel,
Bagel, UPS,
UPS, Prudential
Prudential Real
Real Estate,
Estate, Cold
Cold Stone
Stone Creamery,
Creamery, New
New Balance,
Balance,
Nextel,
Nextel, Red
Red Hot
Hot &
& Blue
Blue and
and Michael
Michael Anthony’s
Anthony’s among
among others.
others.
Price
We offer
offer this
this property
property at
at $12,834,000
$12,834,000 which
which isis aa 6.75%
6.75% cap
cap rate
rate on
on NOI
NOI of
of $866,308
$866,308 after
after 7%
7%
Price and
and Cap:
Cap: We
vacancy
and
3%
management.
vacancy and 3% management.
Ground
Ground Lease:
Lease: This
This property
property isis located
located on
on aa ground
ground lease
lease with
with aa remaining
remaining term
term of
of 83
83 years
years including
including options.
options.
Current
ground
lease
term
expires
in
2079
with
2
(5)
year
options.
Current ground lease term expires in 2079 with 2 (5) year options.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Summary
West Side Strip
Leased Space
Vacant Space
Total
East Side Strip
Leased Space
Vacant Space
Sprinkler Room
Total
Percent of
Percent of
Size
Total Area Annual Rent Total Rent
29,747
93%
$758,604
92%
7%
$68,058
8%
2,388
32,135
826,662
29,450
6,234
76
35,760
Total In Place Rent
Total Pro-Forma
Grand Total
Vacancy at 7%
Management Expense at 3%
Ground Rent
NOI
67,895
83%
17%
$803,171
$155,850
84%
16%
$959,021
1,561,775
87%
223,908
13%
1,785,683
(124,998)
(53,570)
(740,875)
866,308
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
20 Minuet Drive Time
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Tenant
Size
Base
Term Options Rent/sf Base Rent
Escalations
NNN
% Rent Expenses Cap on Cam
Lease
Commencement
Lease
Expiration
NNN
5% annually controllable
exp only
10/23/03
10/31/13
NNN
6% annually controllable
exp only
10/28/03
10/31/13
NNN
5% annually controllable
exp only
12/12/03
1/31/09
11/18/03
11/30/13
West Side Strip
Car Toys
6,000
10
3 (5) yr
$26.00
10% / 5 yrs - in base
$156,000 and options
$28.75
10% / 5 yrs - in base
$115,000 and options
None
Dark but current on rent Negotiating with Floors Today
The Vitamin Shoppe
4,000
EB
1,500
Hest Fitness
3,600
10
5
10
2 (5) yr
1 (5) yr
2 (5) yr
None
$30.00
$45,000 Yrs 6-10: $33 psf
$27.00
10% / 5 yrs - in base
$97,200 and options
None
NNN
5% annually controllable
exp only
Yrs: 1-3 $27.50
Yrs: 4-5: $28.75
$77,000 options:10% / 5 yrs
6%
Natural
Brkpt
NNN
None
11/14/03
11/30/10
None
NNN
5% annually
2/23/04
2/28/09
Payton Hair & Nails
2,800
7
2 (5) yr
$27.50
Einstein Bagel
2,490
5
3 (5) yr
$26.00
Option 1:
$64,740 Yrs 6-10 $28/psf
Option 2:
Yrs 11-15 $30/psf
None
Option 3:
Yrs 16-20 $32.50/psf
The Interior Collection
2,096
5
2 (5) yr
$28.00
$58,688 $1.50 psf in yr 4
Option 1: $1.50 psf in
yrs 6 & 9
Option 2: $1.50 psf in
yrs 11 & 14
None
NNN
None
12/2/04
12/31/09
UPS Store
1,200
5
1 (5) yr
$28.00
$33,600 Option: Mrkt Rent
None
NNN
None
1/8/04
1/31/09
None
NNN
5% annually controllable
exp only
9/13/04
8/31/09
None
NNN
None
6/24/04
6/30/11
Tenant has the
right to terminate
after yr 5 by
paying LL 4
months rent &
NNN charges
I Fratelli Pizza
1,200
Vacant (Camille's Café)
2,388
Prudential Real Estate
4,861
West Side Totals
32,135
West Side - Space Leased
29,747
5
7
2 (5) yr
1(3) yr
1(5) yr
$28.00
$33,600 Option: Mrkt Rent
$28.50
$68,058
$16.00
Yrs 4-5 $17.20 psf
$77,776 Yrs 6-7 $22.05 psf
Options: Mrkt Rent
$25.72
$826,662
$758,604
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Tenant
Size
Base
Term Options Rent/sf Base Rent
Escalations
NNN
Lease
Lease
% Rent Expenses Cap on Cam Commencement Expiration
East Side Strip
New Balance
Bath Junkie
Nextel
Johnny B's
2,572
1,200
1,478
1,810
7
5
5
5
2 (5) yr
1 (5) yr
2 (5) yr
1 (5) yr
$26.00
$27.00
$25.00
$28.00
Red Hot & Blue
2,589
10
3 (5) yr
$27.50
Cold Stone Creamery
1,600
5
2 (5) yr
$28.00
Palm Beach Tan
3,200
Fish City Grill
2,400
Vacant
1,075
5
10
2 (5) yr
2 (5) yr
$30.00
$66,872 Yrs 6-7 $28.60 psf
Option 1:
Yrs 8-10 $28.60 psf
Yrs 11-12 $31.46 psf
Option 2:
Yrs 13-15 $31.46 psf
Yrs 17-17 $34.60 psf
$32,400 2 (5) yr Mrkt Rent
1st 5 yr Option $27.50
$36,950 psf
2nd 5 yr Option
$30.25 psf
$50,680 yrs 4-5 $30.60 psf
Option at Mrkt Rent
10% / 5 yrs - in base
$71,198 and options
$44,800 yrs 3-5 $29.50 psf
Options:
Yrs 6-10 $32.45 psf
Yrs 11-15 $35.70
$96,000 Options:
yrs 6-10 $33.00 psf
yrs 11-15 $36.30 psf
$28.00
$67,200 yrs 6-10 $30.80 psf
Options:
Yrs 11-15 $33.88 psf
Yrs 16-20 $37.27 psf
$25.00
$26,875
NNN
5% annually controllable
exp only
10/1/03
9/30/10
NNN
5% annually controllable
exp only
4/22/04
4/30/09
None
NNN
7% annually controllable
exp only
8/19/04
8/31/09
4%
Natural
Brkpt
NNN
None
1/19/04
1/31/09
None
4%
Natural
Brkpt
3%
Natural
Brkpt
NNN
None
None
NNN
None
2/2/05
2/28/10
NNN
5% annually controllable
exp only
2/2/05
2/28/10
NNN
5% annually controllable
exp only
4/4/05
4/30/15
None
3%
Natural
Brkpt
Earlier of 150 days
from LL's delivery
or Tenant's opening
(10/23/05)
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Tenant
Size Term Options
Base
Rent/sf
Base Rent
Escalations
Michael Anthony's
3,952 10 2 (5) yr
$28.00
Facelogic
1,667
5
2 (5) yr
$26.00
$43,342 Options:
Yrs 6-10 $28.60
Yrs 11-15 $31.46
None
NNN
None
1/18/06
1/31/11
Excelience Nail Salon
1,300
5
1 (5) yr
$25.00
$32,500 Yrs 3-5 $26.00 psf
Option:
Yrs 6-10 $28.60 psf
None
NNN
None
2/1/06
1/31/11
Vacant
2,879
$25.00
$71,975
Vacant
2,280
$25.00
$57,000
NNN
5% annually controllable
exp only
8/27/04
8/31/15
Sprinkler Room
The Southlake Tavern
$110,656 Yrs 6-10 $30.80
Options:
Yrs 11-15 $33.88 psf
Yrs 16-20 $37.27 psf
NNN
Lease
Lease
% Rent Expenses Cap on Cam Commencement Expiration
3%
5% annually Natural
controllable
Brkpt
NNN exp only
6/26/05
6/30/15
76
5,682 10 4 (5) yr
$26.50
$150,573 Yr 3 $27.00 psf
Yrs 4-5 $27.50 psf
Yrs 6-10 $ 30.25 psf
Options:
10% / 5 yrs
Total East Side
35,760
$26.82
$959,021
East Side - Space Lesed
29,526
$27.20
$803,171
Total Space
67,895
$26.30 $1,785,683
Space Leased
59,273
$26.35 $1,561,775
None
Total Project
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Prudential Pad
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
The Tavern (a Bennigan’s Concept)
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Phase II retail at Wyndham Plaza
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Ground Rent Schedule
(Not including Southlake Tavern)
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Ground Rent Schedule
For Southlake Tavern
Current Rent
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:
Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017
1031@kimcorealty.com
Phone
212-972-7457
Fax 212-972-7496
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
www.kimcoexchangeplace.com
Investment Opportunity
Southlake, TX
5.00 Miles
2005 Average Income
By Block Groups
Trophy Club
$100,000 or more
$75,000 to $100,000
$50,000 to $75,000
stlake $30,000 to $50,000
Less than $30,000
3.00 Miles
Southlake
1.00 Mile
114
635
n
Grapevine
26
Colleyville
Demographics
2005 Estimates
Total Population:
Total Households:
Avg. HH Income:
Med. HH Income:
1 Mile
6,249
2,247
$109,149
$96,423
97
121
360
2550 E. Southlake Boulevard
Southlake, TX
3 Mile
5 Mile
50,244
104,305
17,867
35,892
$123,194
$133,767
$104,032
$111,984
Updates of 2000 Census Data by Claritas.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.